Tools

Electrum bitcoin wallet review – December 2018

6 November 2018

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias.
But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Electrum Wallet

Fast, safe and private are all features associated with Electrum.

Very few bitcoin wallets can say they’ve been in the game since the very beginning. Founded in 2011, Electrum made its way on the scene when bitcoin’s value was just a few dollars. It is now estimated that some 10% of all bitcoin transactions occur on Electrum. As you’ll soon see, there are many reasons why Electrum is the wallet of choice for many cryptocurrency enthusiasts.

Pros

Cons

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.

This wallet isn’t currently available via the finder website right now. Please see our comparison of other crypto wallets for options to consider.

What is Electrum?

Electrum is a desktop bitcoin wallet that is compatible with multiple operating platforms, such as Windows, Mac and Linux. It was developed by a German computer scientist and designed to be lightweight and efficient.

Over the years, various developers have contributed to its source code, making it what many people believe to be one of the most trusted wallets available.

Although there are more than 900 cryptocurrencies on the market today, Electrum’s sole focus is bitcoin in an attempt to ensure that the platform remains fast and efficient at all times.

One of Electrum’s core features is its integration with the major hardware wallets, such as TREZOR, KeepKey and Ledger Nano S. This means you can integrate Electrum with any of these premium hardware wallets.

Compatibility

Windows, Mac and Linux. Android wallet was also launched in 2016 for mobile use.

Electrum is compatible with the major bitcoin hardware wallets.

How much does it cost?

As a service provider, Electrum charges transaction fees for sending bitcoin. The default fee is a flat rate of 0.2 mBTC. This rate can be reduced to 0.1 mBTC* or even lower in some cases.

The transaction fee is included in the sum of the amount you want to send. The Electrum platform will issue a warning if the total transaction amount exceeds your wallet balance.

*Note: mBTC = millibitcoin, or one-thousandth of a bitcoin.

Which currencies can I store?

At present, Electrum only supports bitcoin.

Bitcoin

How do I add currency to my wallet?

In addition to receiving bitcoin payments, you can transfer bitcoin to your Electrum wallet from another wallet. This can be done by locating your bitcoin receiving address in the “Receive” tab on Electrum.

Next, transfer funds from the service you are currently using into your unfunded Electrum wallet.

How do I make or receive payments with Electrum?

To make a payment on Electrum, click the “Send” tab. The “Pay To” field is where you type in the bitcoin address or copy it from the clipboard.

After clicking Send, you will be prompted to type in the password you created when you opened the wallet.

Your Electrum wallet can also receive bitcoin payments. This can be done by opening the “Receive” tab. Your Receiving address is essentially your bitcoin address. Anyone who knows your bitcoin address can send you a payment.

How secure is Electrum?

Electrum is considered one of the most secure bitcoin wallets available today, and that’s largely due to the encryption techniques it uses to secure your private keys.

Electrum also has a highly secure seed, which is the random phrase that is used to generate your private keys. Without getting overly technical, the Electrum seed provides essentially the same level of security as a bitcoin private key.

Your seed is extremely important, as it is the only way you can recover your password if you forget it. As mentioned earlier, the password you initiate when you open the Electrum wallet is needed to send bitcoin payments.

Where can I get Electrum?

The electrum bitcoin wallet is available for download at electrum.org, which is the official website for the platform. Users of Ledger, TREZOR and KeepKey hardware wallets can also use Electrum to store their bitcoin.

Electrum pros and cons

Pros

Widely used platform.

Very fast and easy to set up.

Good privacy features.

Integration with hardware wallets for added security.

Cons

Not ideal for beginners.

Only supports bitcoin.

Next steps

Getting started with the Electrum bitcoin wallet is quick and easy. Simply visit electrum.org and click “Download.” Here, you’ll be prompted to choose your installation method. In just a few clicks, you’ll be ready to use Electrum.

Frequently asked questions

Without a password, the only way to restore your wallet is from the seed phrase. If you lose both your password and your seed, there is no way to recover your account. That’s why it’s extremely important that you write down the seed and store it in a safe place.

The latest version of Electrum doesn’t allow you to import private keys in a wallet that has a seed. Instead, you’ll need to swap them.

Electrum has been known to freeze if you are trying to send a large number of transactions. Electrum recommends that you send smaller quantities of bitcoin to one of your desired wallet addresses. This is like exchanging 10 dimes for a $1 bill.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

I am looking to buy Bitcoin and just keep it in a secure wallet and just let it grow. My question is are there fees for just allowing it to just grow with no other transactions and also can i allow what i purchase to just sit until I see the numbers around 20K per coin?

We endeavor to ensure that the information on this site is current and accurate
but you should confirm any information with the product or service provider and
read the information they can provide. If you are unsure you should get independent
advice before you apply for any product or commit to any plan.

finder.com is an independent comparison platform and information service that
aims to provide you with the tools you need to make better decisions. While we
are independent, we may receive compensation from our partners for featured placement
of their products or services. We may also receive compensation if you click on
certain links posted on our site.

Thank you for your feedback.

Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

Advertiser Disclosure

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.